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People always ask me “can I contribute to both a traditional IRA and a Roth IRA and if so how much can they contribute to each?”

Answer: There is no limit on the number of Roth IRAs and traditional IRAs you can own. However, your combined annual contributions to all of them cannot exceed the maximum annual contribution limit ($5,000; $6,000 if 50 or older for year 2011).

So, for example, if you had one Traditional IRA and one Roth IRA and age 40, you could contribute $2000 to the one and $3000 to the other for a total of $5000.
It does not matter how you slice the pie as long as the total does not exceed your contribution limit. Your could have five IRAs and contribute $1000 to each.